According to CBC News, the Bank of Canada will receive $10m over two years to administer the new framework, with ongoing costs to be covered by regulated stablecoin issuers.
Industry leaders have welcomed the announcement.
Lucas Matheson, CEO of Coinbase Canada, said the move “signals that Canada is ready to lead on digital innovation,” and predicted it will “change how Canadians interact with money and the internet forever.”
Kareem Sadek of KPMG Canada noted that clear legislation will help move stablecoins beyond fragmented regulations, fostering innovation in the sector.
Montreal-based fintech Shakepay called the budget “a big step forward,” emphasizing that it sets the stage for Canadian dollar-backed stablecoins to be recognized as payments, not investments.